I've already highlighted some of what's included in the NetSuite 2023 Release 2 roll-out in prior articles. For example, NetSuite Account Reconciliation standardizes and automates the complex process of reconciling all balance sheet accounts resulting in a faster financial close.
We also have written about how NetSuite Guided Learning provides interactive guides that allow users to learn key processes while in their typical workflow within NetSuite.
But there is a lot more to this year's second release. You see, NetSuite releases two major updates per year. The first occurs during the year's first quarter and the second typically occurs during the third quarter.
As part of these major releases, new product features undergo Alpha and Beta testing within the development environment.
But NetSuite also selects about 10% of their users to thoroughly examine the new functionality in an early adopter environment. This is designed to fine-tune the latest release for clients without unique customizations or implementations.
Now that 2023R2 is ready to begin the process of roll-out across 13 Oracle Cloud Infrastructure data centers to serve 36,000 customers in 2017 countries and territories, it is time for Insightful Accountant to look a little more closely at some of the other features NetSuite users will soon be incorporating into their workflows.
One of the impressive qualities of NetSuite is continual improvement. They don't simply roll out a new feature and then forget about it. They take their users' feedback seriously and tweak, modify, enhance and improve those features from both a user and technology standpoint.
Like other systems, NetSuite has had Accounts Payable automation and Bill Capture for a while. But unlike some systems that say, "We've got that; it is what it is," NetSuite has substantially enhanced these functionalities within the 2023R2 release.
Oracle Cloud Vision is being used to enhance the machine learning capabilities powering NetSuite Bill Capture. More than ever, the power of AI is categorizing expenses based on historical data and suggesting subsidiaries based on similar bills.
Previously, the Bill Capture technology would only populate a user's assigned subsidiary based on who uploaded the bill capture.
Source: Adapted from official NetSuite media content.
Applying intelligent data recognition and machine learning of previous vendor invoices to improve accuracy, vendor bills automatically are matched with associated purchase orders and receive documents to ensure accurate details.
This enhanced tech also makes it easier than ever to split shared costs of any vendor bill so that those costs can be distributed across subsidiaries, departments or business segments. Such cost allocations can be distributed on either a percentage or amount basis when configured in a cost-distribution template or they can be allocated on a case-by-case basis as appropriate.
Once the distribution is determined, NetSuite automatically creates the journal entries to record those costs appropriately.
Between now and the opening of this year's Oracle NetSuite SuiteWorld on Oct. 16 in Las Vegas, Insightful Accountant will provide a taste of many of the NetSuite 2023R2 features.
You can learn more about NetSuite and the new release at its website HERE.
Disclosures:
Oracle NetSuite provides an integrated system including financials, Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce to more than 36,000 customers in 217 countries and territories. NetSuite was the first cloud company to usher in the new era of cloud computing.
Some feature content (including visuals) were adapted from Oracle NetSuite source materials. Source material based content appearing within this Insightful Accountant feature is provided solely for educational purposes.
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. Oracle Corporation is a publicly-traded NYSE-listed (ORCL) multinational corporation headquartered in Austin, Texas.
Any other trade names used herein may refer to products registered, trademarked or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.
This is an editorial feature, not sponsored content. This article is provided solely for informational and educational purposes.
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